Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Continuing operations:    
Net (loss) income $ (4,353,776) $ 559,511
(Loss) from discontinued operations (3,346,992)
(Loss) income from continuing operations (1,006,784) 559,511
Adjustments to reconcile net (loss) income from continuing operations to net cash used in operating activities of continuing operations:    
Stock-based compensation for services 133,043 47,884
Depreciation and amortization 18,133 19,401
Amortization of license fees (24,175) (24,175)
Other non-cash charges 1,500 133,899
Gain on sale of property and equipment (1,919,361)
Change in:    
Prepaid expenses and other current assets 62,733 69,155
Accounts payable 15,950 (380,010)
Accrued compensation 20,979 (437,324)
Accrued expenses (223,206) 28,058
Net cash (used in) operating activities of continuing operations (1,001,827) (1,902,962)
Net cash (used in) operating activities of discontinued operations (661,998)
Net cash (used in) operating activities (1,663,825) (1,902,962)
Continuing operations:    
Purchases of short-term investments (7,537,862)
Proceeds from sales of short-term investments 7,506,761 9,648,744
Proceeds from sale of property and equipment 1,748,571
Purchases of patent and trademark application costs (11,911) (10,778)
Net cash provided by investing activities of continuing operations 7,494,850 3,848,675
Net cash (used in) investing activities of discontinued operations (1,776)
Net cash provided by investing activities 7,493,074 3,848,675
Continuing operations:    
Net proceeds from issuance of common stock, net of $294,026 in offering expenses 705,974
Repayment of notes payable and other obligations (83,453) (116,931)
Net cash provided by (used in) financing activities of continuing operations 622,521 (116,931)
Net increase in cash and cash equivalents 6,451,770 1,828,782
Cash and cash equivalents at beginning of period 5,529,848 2,012,283
Cash and cash equivalents at end of period 11,981,618 3,841,065
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 1,256 31,140
Supplemental disclosure of investing information:    
Liability payoffs upon property sale $ 2,064,758